Magyar Bank Mortgage Rates, Fees & Info

New Brunswick, NJ

LEI: 549300D2IR01BV6NPA49

Tax ID: 22-1085787

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

Review & Overview

Magyar Bank is a smaller bank specializing in Home Purchase loans. Magyar Bank has a high proportion of conventional loans. Their top markets by origination volume include: New York, Santa Maria, Miami, Allentown, and Philadelphia among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Magyar Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


Originations

87

Origination Dollar Volume (All Markets)

$39,345,000

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 80 $26,950,000 $336,875 $0 0.00%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $10,005,000 $10,005,000 $0 0.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $1,685,000 $1,685,000 $0 0.00%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 2 $580,000 $290,000 $0 0.00%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 3 $125,000 $41,667 $0 0.00%
Magyar Bank's top markets include New York, Santa Maria, Miami, Allentown, and Philadelphia among others.

Their top states include:
  • New Jersey (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 87 $39,345,000 $452,241 $0 0.00%

    For 2023, Magyar Bank's most frequently originated type of loan was Conventional, with 87 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 39 $5,365,000 $137,564 $0 0.00%
    Home Purchase 27 $27,195,000 $1,007,222 $0 0.00%
    Refi 14 $3,650,000 $260,714 $0 0.00%
    Home Improvement 5 $1,275,000 $255,000 $0 0.00%
    Cash Out Refi 2 $1,860,000 $930,000 $0 0.00%

    For 2023, Magyar Bank's most frequently cited loan purpose was Other, with 39 originations. The 2nd most popular reason was Home Purchase, with 27 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 87 $39,345,000 $452,241 $0 0.00%

    For 2023, Magyar Bank's most frequently cited loan duration was Other, with 87 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 25 $1,335,000 $53,400 $0 0.00%
    $100k-200k 24 $3,240,000 $135,000 $0 0.00%
    $200k-400k 18 $5,320,000 $295,556 $0 0.00%
    $1MM+ 8 $22,390,000 $2,798,750 $0 0.00%
    $400k-600k 7 $3,535,000 $505,000 $0 0.00%
    $600k-1MM 5 $3,525,000 $705,000 $0 0.00%

    2023 saw Magyar Bank place emphasis on $100,000 or less loans with 25 originations, totaling $1,335,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 18 $3,040,000 $168,889 $0 0.00%
    $150k-250k 16 $3,370,000 $210,625 $0 0.00%
    $250k+ 14 $7,870,000 $562,143 $0 0.00%
    $50k-75k 6 $310,000 $51,667 $0 0.00%
    $50k or less 6 $860,000 $143,333 $0 0.00%
    $75k-100k 3 $335,000 $111,667 $0 0.00%

    Magyar Bank lent most frequently to those with incomes in the $100k-150k range, with 18 originations. The second most popular income band? $150k-250k, with 16 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 87 $39,345,000 $452,241 $0 0.00%

    Magyar Bank lent most frequently to those with DTI ratios of Exempt%, with 87 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 19 $22,655,000 $1,192,368 $0 0.00%
    White 51 $11,295,000 $221,471 $0 0.00%
    Asian 4 $3,470,000 $867,500 $0 0.00%
    Not provided 9 $1,555,000 $172,778 $0 0.00%
    Black 4 $370,000 $92,500 $0 0.00%

    Approval Rates

    Total approvals of all applications
    85.83%

    Magyar Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.16%

    Magyar Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 87 $39,345,000 $452,241

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    87 $39,345,000 $452,241